China eyes date for key parliament meeting postponed by virus

BEIJING — Chinese lawmakers have begun talks on when to hold their annual congress, which was delayed due to the coronavirus outbreak but now represents a chance for President Xi Jinping to reassert his authority and advance large-scale stimulus efforts.

The Standing Committee of the National People’s Congress began a four-day meeting Sunday, in part to set a date for China’s annual parliamentary session, the state-run Xinhua News Agency reported. The constitutionally mandated session had begun on March 5 every year since 1998, but it was postponed this year due to the coronavirus.

Hong Kong’s Sing Tao Daily reported that the 2020 session of the congress likely will be held from May 23 to 30. Many mainland outlets also predict a session in mid- to late May.

The Xi administration is under fire from all sides for not responding quickly enough to the initial outbreak and allowing the virus to spread worldwide. The National People’s Congress session is one of China’s biggest political gatherings, and the leadership likely wants the meeting soon, looking to declare a victory against the coronavirus and bolster its clout.

“The congress will be a place for Xi to assert his leadership,” said a source familiar with the Chinese Communist Party.

China typically uses the congress to present its economic outlook and approve large-scale tax cuts or bond issuances. Some think Premier Li Keqiang will not give a target figure for gross domestic product growth this year, breaking from tradition due to uncertainties caused by the pandemic.

The standing committee at its ongoing meeting is expected to evaluate the issuance of special treasury bonds, which do not go on the country’s balance sheet and can stimulate the economy without adding to the national debt. China has not issued this type of bond since 2007.

China’s GDP shrank by 6.8% in the January-March quarter, the first drop since the release of quarterly figures began in 1992. The coronavirus continues to squeeze global demand, in a blow to China’s export-heavy economy.

During the 2008 global financial crisis, China’s leaders quickly launched a stimulus package of 4 trillion yuan ($565 billion at current rates) to support the economy. Beijing has yet to roll out a similar large-scale measure this time around, and many want the congress to meet soon in order to kick-start a response.

But China remains at risk of a second wave of infections that could delay the congress again. Beijing is believed to be looking at a teleconferencing option, so the session draws fewer representatives from across the country to the capital.